How development expenditures are distributed € 1.1 billion in 2022

65

The highest point of the last years is the budgeted development expenditures presented in the 2022 budget, recording an increase of 10% in relation to the 2021 development expenditure budget.

According to the new state budget, development expenditures are increased by € 102.9 million compared to the 2021 budget.

According to the Ministry of Finance, the increase is observed due to the start of the implementation of major development projects including road, construction and other projects, as well as due to the promotion of projects included in the Recovery and Reconstruction Plan.

The 2021 budget includes € 1.135 billion in development spending, which is allocated to various ministries and services, compared to a € 1.032 billion development spending budget in 2020.

Actual development expenditures were reduced to € 545 million in 2019 and to € 615.4 million in 2020.

It is worth noting that over time, the implementation rate of development spending is lower than 80%. In 2020 the implementation of development expenditures rose to 65% from 62% in 2019.

The winners and losers of development funds

Compared to the 2021 budget, development funds show an increase in seven ministries in 2022 (interior, education, agriculture, transport, justice, trade, foreign), but also in the sub-ministries and independent offices.

At the same time, they record a decrease in four ministries (finance, health, labor, defense), compared to the 2021 budget.

Most of the development expenditure is channeled to the Ministry of Finance (€ 300.7 million) due to the transfer to it of the Directorate-General for European Programs, Coordination and Development (EPSA).

It is followed by the Ministry of Interior with a budget of development expenditures of € 224.2 million, increased by more than € 30 million compared to last year and the Ministry of Education with € 212.8 million with an increase of € 21 million.

The budgeted development expenditures amount to € 110 million for the Ministry of Transport, showing an increase of almost € 30 million while, in the Ministry of Commerce the amount amounts to € 69.5 million, increased by € 21 million compared to 2021.

Budgeted development expenditures in the Ministry of Agriculture (€ 67.6 million), the Ministry of Justice (€ 15 million), the Ministry of Health (€ 10.9 million), the Ministry of Foreign Affairs (€ 13.4 million) are lower. million) and the Ministry of Labor (€ 3.5 million), while the lowest amount is found in the Ministry of Defense (€ 3.1 million).

As far as the sub-ministries are concerned, a significant part of the funds for development goes to the sub-ministry of research, innovation and digital policy (€ 81.7 million).

Next is the newly established Ministry of Social Welfare (€ 15.7 million) to which resources are channeled that in previous years were attributed to the Ministry of Labor.

Finally, the Undersecretariat of Shipping (€ 2.8 million) and the Undersecretariat of Tourism (€ 1 million).

The development costs concern projects under construction, co-financed projects, trainings, sponsorships in educational institutions, fixed assets, etc.

Source: https://www.stockwatch.com.cy/

Previous articleBudget for recovery and increased revenues in 2022
Next articleIndia’s got the next big thing in tech, and it could be worth $1 trillion